General Motors' (GM) stock traded higher Wednesday, after the automaker announced a new $10 billion share repurchase program. Wedbush Managing Director Dan Ives calls the buyback "important" after recent headwinds like Cruise autonomy setbacks and UAW labor unrest weighed on the company's success. Ives views this decision as GM working to "put the train back on the tracks" and regain control. However, Ives notes demand remains hard to gauge for GM's EV portfolio, but that the company has the vehicles and distribution to be successful. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
GM chair and CEO Mary Barra talks with Yahoo Finance about the road ahead after the UAW contract deal.
Earlier today, General Motors (NYSE: GM) delivered some much-needed good news. Although its new labor contracts in North America will be raising costs with consequences of the bitter UAW strike being greater than expected, GM expects to fully offset these hits. GM’s Updates The new labor agreements will result in costs of $9.3 billion, or an average of $575 per vehicle. GM also revealed the cost of the UAW strike added up to $1.1 billion, being the result of lost production of 95,000 vehicles. A